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Informist, Friday, May 8, 2026

 

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--SBI Setty: Expect to resolve employee federation demand before May 25 
--CONTEXT: SBI employee federation to go on strike May 25-26
--SBI Setty: Will dilute some of our stake in NSE in its IPO

 

By Kabir Sharma and J. Navya Sruthi

 

MUMBAI – State Bank of India's Chairman C.S. Setty Friday said he expects to resolve demands made by the All India State Bank of India Staff Federation before the two-day nationwide strike, starting on May 25. "The usual demands which they made, we are engaging with them. So, we will sort it out. Hopefully," the chairman told Informist on the sidelines of the post-earnings press conference. 

 

The federation has called a nationwide strike on May 25 and May 26 and submitted a 16-point charter of demands to the bank. The federation, which has alleged that the bank's management has violated employee rights and undermined job security, has asked the bank to stop outsourcing permanent jobs and mis-selling products.

 

Regarding the federation's demand, Setty said mis-selling has never been a concern, as the country's largest bank has the lowest level of mis-selling across the financial system. The federation said it announced the two-day strike after discussions with the management failed to yield results.

 

Setty also said that the bank is planning to sell part of its stake in the National Stock Exchange in the exchange's proposed initial public offering. As many as 20 investors, including Singapore's state-owned investor Temasek, the Canadian Pension Plan Investment Board, the Life Insurance Corp. of India, State Bank of India, and Indian private equity fund ChrysCapital, will sell a total of 5% of their stakes this year, according to media reports.  

 

The country's largest lender reported a net profit of INR 196.84 billion for the March quarter, up 6% on-year but down 6% sequentially. Analysts had projected the bank's net profit at INR 193.98 billion. 

 

The bank's shares fell sharply after the release of the financial results. Friday, the stock closed 6.7% lower at INR 1,019.30 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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